Day 4 - Do Costumer Development and Stop Wasting Your Time!

Julia Klinger (LMU Entrepreneurship Center)

On the fourth day of our Global Entrepreneurship Summer School Jens Bosse Parra and Julia Klinger from the LMU Entrepreneurship Center prepared the students to target the real customers and the right ones. Using social media campaigns such as facebook marketing was one of the main topics they covered. They also introduced Google Analytics which the students can use in future projects to evaluate customer feedback. With those two tools our participants are now able to test their products on the market. 

Jens Bosse Parra (LMU Entrepreneurship Center)

The teams are currently working on substantiating their problem statements, brainstorming on possible solutions and interviewing friends and colleagues to get more data on the waste problems and their causes.

Since we started introducing our project groups we are now continuing to present two more teams:
 

Team 'The Sopranos'

'The Sopranos' (Joshua from the United States, Kathryn from Uganda, Silver from Vietnam, Fabian from Germany and Petr from the Czech Republic) are concentrating on reducing electronic scrap and intensifying recycling. Their first idea is to build warehouses where electronic devices are fixed and resold. Furthermore, they are thinking about creating an exchange market for these products while using a 'costumer to costumer exchange' or  a 'business to business exchange' platform.

Team 'Two and a half men'

Our second team of the day is 'Two and a half men'. Martha from the Netherlands, Ilya from Canada, Iris from China, André from Germany and Cris from Mexico want to reduce waste on beaches and shores. Their goal of today was to organise their research on the causes of waste issues and then to decide on the specific causes they want to address in their project work and business model creation.

This afternoon we will have input from two local startups. Leaf Republic and PhyscoFilter are going to visit us at the Creative Hall to talk about their experiences as entrepreneurs. The participants will have time to ask questions about how to launch a business and lead it to success.

Stay tuned to find out what the participants learned from our guests!  

Last but not least, here's a video our participant Saskia from Sweden showed us today. Check it out, it's amazing: